OCT Inst three years on: momentum builds for instant international payments

Video interview with the European Payments Council (EPC) on its One-Leg Out Instant Credit Transfer (OCT Inst) scheme’s growing global footprint, its business value for banks, what joining requires, the operational realities, and the rule changes coming in 2028 and 2030.

Three years after go-live, the EPC’s  OCT Inst scheme has close to 100 participants and is already receiving payments from more than 90 countries. In this exclusive video interview, Oana Ifrim, Lead Editor at The Paypers, speaks with Bart Clarebout, Senior Product Manager, Payment Schemes at the EPC, who serves as secretary of the task force that has designed and maintains the scheme.

What is a one-leg out payment?

A one-leg out payment is an international payment in which only one side, the payer’s or the payee’s PSP, is located in SEPA. The OCT Inst scheme covers the euro currency part of that journey, known as the Euro Leg, and processes it instantly in euro. Euro Leg Entry and Exit PSPs sit at the boundary, connecting the Euro Leg to payment systems in the rest of the world (the latter being the non-Euro Leg).

Highlights from the interview

A growing global footprint. Most participants are in Spain, but PSPs in other SEPA countries are now joining, and volumes picked up through 2026. Latin America generates around half of the volume. Bart explains which markets are leading and why flows are still mostly incoming.

Built to improve international payments. The OCT Inst scheme enhances speed, transparency, and traceability, with the Euro Leg completed in seconds. Bart walks through a payment end-to-end and the role Euro Leg Exit and Entry PSPs play.

Complementary to Swift. OCT Inst and Swift complement each other rather than compete, and Bart explains where one ends and the other begins.
A shorter path for SCT Inst scheme participants. PSPs already live on SCT Inst can reuse much of their infrastructure, e.g., Spanish participants report implementation in six to 12 months. Bart sets out what still needs attention, from FX and screening to commercial partnerships.

Adoption and the mandatory question. Expanding reach within Europe is the next step. A proposal to make the scheme mandatory did not win market support, but the EPC is gathering feedback and the topic could return.

What comes next. The 2028 rulebook protects the full amount the payee receives and extends name fields to 140 characters. The 2030 version moves to a newer ISO 20022 version and could open the door to new payment models.

For PSPs in Europe weighing participation, this is a first-hand view from inside the EPC on how the scheme works today and where it is heading. The full conversation explores how a payment travels end to end, the roles of Euro Leg Exit and Entry PSPs, and the four key measures the EPC will use to assess the scheme’s success.

Watch the full interview on The Paypers: 

 

About Bart Clarebout

Bart Clarebout is Senior Product Manager, Payment Schemes at the EPC. He oversees the daily management of all EPC payment rulebooks. He is a central point of contact and support for several EPC bodies holding EPC payment scheme management functions. He drafted the SCT Inst, OCT Inst and VOP rulebooks. Prior to the EPC, he held several management roles in personal, private banking and cash management operations at Deutsche Bank

 

 

About the European Payments Council

The European Payments Council (EPC) is an international not-for-profit organisation representing payment service providers and their associations across Europe. Based in Brussels, the EPC helps make payments across Europe simpler and more harmonised by developing and managing payment schemes and related services. Working closely with the payments community and European stakeholders, the EPC supports the integration, innovation, and development of European payments.